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Cardano token ADA hits 3-week high

 


Altcoins appear to be gaining traction in the crypto market, illustrated by Cardano (ADA)'s recent price surge.

Cardano has overtaken Solana to become the fifth largest cryptocurrency by market cap after gaining 47% week-on-week. According to CoinGecko, the price of ADA surged to an intraday high of $1.56 on Monday, its highest level since Dec. 27.

Notably, ADA may have bottomed out from the recent market low, speculates professional cryptocurrency trader Michaël van de Poppe. The Dutch analyst believes that the asset is now showing strength in the market as sentiment quickly turned from bearish sentiment over the past month:

“Now Cardano is showing massive strength. It is waking up as one of the few altcoins. It broke the current bottom and bounced off this key support and we are getting continuation as the charts have not changed meaning the key support is still the same.”

Although ADA fell below the USD 1.20 mark and into the USD 1.05 area, it has successfully recovered, Poppe pointed out:

“Given the divergence we have created here, we are trading within resistance for the moment and we can see the momentum or actual hype surrounding Cardano returning.”

Input Output Hong Kong, the company developing Cardano, has announced new plans for scaling the network in 2022. The goal is to increase the capacity and throughput of the network through various parameter adjustments, improvements and other innovations.

Some of the major on-chain upgrades expected are block size increases, the introduction of pipelining to reduce block propagation times, and input endorsers to increase transactions per second. IOHK also plans to introduce sidechains so tokens can be used from one chain in another, as well as more resource-efficient processes to settle off-main-chain transactions.

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